Health care costs are a growing concern for many people. But there’s one under-utilized tool that can really help and that is a Health Savings Account or HSA.
In this episode, I spoke with Begonya Klumb, the Head of HSAs for Fidelity Investments to discuss everything you need to know about HSAs. Learn what it really is, the common myths and misconceptions about it, the advantages of having an HSA, how it can support your mental wellbeing, and how to open an account today.
“HSA has this triple tax advantage in the sense that the money that you put into the account is tax-free, the money that you withdraw from the account is tax-free and the money that is in the account grows also tax-free.” – Begonya Klumb
“If you need to take medication for any mental health condition, that would be eligible HSA expenses as well as therapy and counselling sessions.” – Begonya Klumb
“Medical debt is probably the worst type of debt from a total wellbeing perspective. And remember that one way to deal with that burden is the potential of opening an HSA.” – Begonya Klumb
“If there’s a health emergency of any kind, big or small, the last thing you want to be doing is also worrying about money.” – Melanie Lockert
What You Will Learn From This Episode
- What is a Health Savings Account (HSA) and the advantages of using it
- Current definition of a qualified high-deductible health plan or HSA eligible health plan
- How you can get an HSA through Fidelity Investments as a retail investor
- How an HSA can support your mental and financial wellbeing
- Debunking common myths and breaking the stigma around HSAs
- Things you can do to take advantage of HSA’s triple tax benefit
- What to consider when saving for medical expenses and investments
- HSA funds cover long-term care insurance premiums for your future
- How to open an HSA account today
About Begonya Klumb:
Begonya Klumb is the Head of HSAs for Fidelity Investments, where she manages the HSA business with almost $7 billion in assets in more than 1.5 million health savings accounts. Prior to joining Fidelity in 2018, Begonya was the CEO of UMB Healthcare Services, a division of UMB Bank, and grew it to more than $2 billion in assets, more than 1 million health savings accounts, and more than 5.3 million benefit cards. Prior to this position, she held positions at UMB Financial Corporation as Executive Vice President and Chief Strategy Officer, Director of Financial Planning & Analysis, Director of Mergers & Acquisitions, and Director of Corporate Strategy and Investor Relations.
Resources
Connect with Begonya
Connect with Melanie
- mentalhealthandwealth.com
- melanielockert.com
- Contact: mentalhealthandwealthshow@gmail.com
- Attend our next Money Management Check-in Party
Want more content and support?
Sign up for the Mental Hump Newsletter and get our free Mental Health and Money inventory worksheet. You can sign up at MentalHealthandWealth.com.
Also, we host a Mental Health and Wealth Hangout every other Thursday over Zoom at 5 pm PT to chat about all things money and mental health. Join here!
If you’d like to support the podcast, you can do so here: https://ko-fi.com/melanielockert
Follow us on Apple Podcast or Libsyn!
Love the podcast? Leave a review on iTunes!